Ron Paul secures major victory: Audit the Fed moves to House floor

Congressman Ron Paul’s Audit the Fed bill, H.R. 459 was passed unanimously by the House Committee on Government Oversight and Reform. A passage of the bill would change current law that prohibits Congress from auditing the Federal Reserve Bank’s monetary policy operations.

The bill states that “an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks… shall be completed before the end of 2012.”

The proposed law says the audit report “shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”